Loans by several banks after the RBI raised the repo rate last month Interest The rate has been increased. Due to which the burden of EMI on the common man has increased even more than before.
The bad news is that even the leading private sector bank, Yes Bank, has made loans more expensive for its customers. If you have taken any kind of loan with Yes Bank, you will also have to pay EMI now.
Yes Bank has made loans expensive
Private sector Yes Bank has given a big tweak to its customers. The bank has decided to increase its marginal cost of lending rate. Bank this new MCLR Applied from July 1, 2022.
After increasing the MCLR rate by the bank, the burden of more EMI on the customers will increase. Of these, the MCLR rate for overnight loans is 7.6 per cent, while the bank’s one-month MCLR rate is 8.25 per cent, though it is 8.70 per cent for six months and 8.95 per cent for one year. Yes Bank has now offered 8.75 interest rate to customers. At the same time, the bank’s BPLR rate is 19.75 per cent.
Learn what the MCLR rate is
The MCLR rate is the benchmark Interest Is the rate at which the bank charges the minimum when giving a loan to any customer. After this the floating rate of the market is added. MCLR is the lowest limit for any loan like home loan, car loan etc. Increasing the MCLR makes a difference in people’s loan interest rates and increases the loan burden on you.